Humboldt Area Foundation Mobilizes $2 million in Local Loans to Assist Nonprofit Organizations and Businesses
BAYSIDE, CA (APRIL 28, 2020) – In response to the economic impact of the coronavirus pandemic, Humboldt Area Foundation is deploying $2 million in loans to stabilize local nonprofits, businesses, sole proprietors and other organizations.
The loan program expands the commitment of HAF and its affiliate, Wild Rivers Community Foundation, to respond to the current crisis through all available resources. Since March 20, nearly a half-million dollars has been granted to the region through the COVID-19 Regional Response Fund for immediate response and long term recovery in Humboldt, Del Norte, Trinity and Curry counties.
Through this additional resource, the loans provide flexibility, low interest, and debt bridges to our local organizations in this volatile time. HAF has already funded over $680,000 in loans. It is partnering with key regional institutions and other community lenders to ensure our community has necessary capital to operate and recover.
CEO Bryna Lipper said: “In these uncertain times, the Foundation is utilizing all its assets to assist the residents of our communities to weather difficult times, whether it be grants, loans or the expertise of our staff. While the Foundation continues make grants almost daily, using our endowment to make loans locally increases the impact we can make.”
HAF is a participant in the COVID-19 Bridge Loan Program administered by Redwood Region Economic Development Commission (“RREDC”). The Business Resilience Emergency Loan Program fund is providing emergency low interest loans to Humboldt County businesses and nonprofits up to $25,000.
HAF has also teamed up with Arcata Economic Development to fund over $180,000 in Paycheck Protection Program loans to local nonprofits, and is creating a Nonprofit Loan Fund that AEDC will administer. The loans from the Nonprofit Loan Fund will be for a maximum of $25,000 per organization, bear interest at 0% through the end of 2020, and be payable for five years at 1%.
Local businessman John McBeth, who serves on the HAF board and chairs its investment Committee, noted, “Since 2013, Humboldt Area Foundation has made a total of $5.3 million in loans to local nonprofit agencies and governments. By working with established lenders like RREDC and AEDC, HAF can utilize their expertise while getting money out to organizations who badly need it. It is a prudent use of HAF’s capital.”
More information about the COVID-19 Bridge Loans Program is available at http://rredc.com. For information regarding the Nonprofit Loan Fund, contact Patrick Cleary, Director of Community Prosperity and Investments at HAF at patrickc@hafoundation.org or by calling (707) 267-9902.